Mixed trend in pepper market

The pepper market on Friday was mixed with contracts declining marginally while two other active contracts moving up slightly on limited activities.

There was liquidation and switching over as December gained. The difference between November and December narrowed down. Liquidation in November aided the decline in its price.

Because of unfavourable weather conditions coupled with declining market trend, replacement was not available and hence some were covering back, market sources told Business Line.

They said material “is not getting ready because of the cloudy weather. Besides, sellers kept away from the market which has been showing a negative trend in recent days”, they said.

Arrival from the primary market today was in the range of 5-10 tonnes and that were traded at Rs 400 a kg, they said.

November contract on the NCDEX decreased by RS110 to the last traded price (LTP) of Rs 42,695 a quintal. December and February increased by Rs 275 and Rs 85, respectively, to the LTP of Rs 42,450 and Rs 37,580 a quintal.

Total turnover fell by 2,099 tonnes to close at 1,833 tonnes, indicating limited activities. Total open interest dropped by 100 tonnes to close at 8,896 tonnes.

November open interest decreased by 473 tonnes to 4,421 tonnes while that of December and February increased by 350 tonnes and 19 tonnes, respectively, to close at 3,678 tonnes and 674 tonnes. As December was gaining strength many have switched over while some have liquidated November also.

Spot prices in tandem with the futures market trend remained steady today at previous levels of Rs 40,000 (ungarbled) and Rs 41,500 (garbled) a quintal.

Indian parity in the international market also remained unchanged at $8,125 a tonne (c&f) for the Europe and $8,425 a tonne (c&f) for the US, they said.

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